HYPE is 10x Research subscribers' favorite token by a wide margin, nearly 70% named it their top pick in our May survey. The price has delivered, rallying 74% in a single month. But we've built a valuation model from scratch using 365 days of fee, volume, and user data, and what it shows gives us pause.
The platform's fundamentals peaked in October 2025. Since then, fees are down 81%, revenue per user has collapsed 70%, and trading volumes have halved. The price hasn't noticed it, until now, perhaps it should. We run the numbers on what HYPE is actually worth, what it would take to get to $100, and why June 6 is a date every HYPE holder should have circled on their calendar.
Together with our subscribers, we've been among HYPE's most consistent bulls. In a market where genuinely compelling tokens are scarce, HYPE has earned its place in our top ten. But a 74% rally in a single month demands scrutiny, so we've drilled into the numbers to assess whether this move is sustainable, where the next leg could take it, and what fair value looks like.
HYPE-USDT (LHS) vs. Hype Token Trading Volume (RHS, $ billions)
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